BGO Announces US$5.1 Billion Capital Raise for Its Asia Value-Add Real Estate Strategy, Marking Largest Closed-End Fundraise in Firm's History

National Post

2 days ago

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TOKYO — BGO today announced the final close of BentallGreenOak Asia IV ('BGO Asia Fund IV' or the 'Fund'), its flagship Asia-focused value-add real estate strategy, raising over US$5.1 billion in total capital commitments for the Fund and co-investment sidecars. The Fund represents the largest closed-end capital raise in BGO's history, underscoring the firm's history and reputation as a premier global real estate investment manager in Asian markets.
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BGO Asia Fund IV targets value-add opportunities in office, hospitality, and logistics assets across Japan, South Korea, Australia, and Singapore. Japan represents a central pillar of our investment strategy, driven by regulatory reforms and corporate governance shifts that are catalyzing an estimated US$3 trillion in non-core asset divestitures.
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'Japan is undergoing a profound transformation, and we see strong, sustained tailwinds across the region,' said Fred Schmidt, Managing Partner and Chairman of Asia, BGO. 'Tokyo is one of the world's largest and most dynamic commercial real estate markets, and with growing pressure on Japanese corporations to optimize their corporate value, our deep roots and integrated presence positions us well to access opportunities others might miss. This Fund has over 3 trillion JPY investing power.'
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Backed by 45 institutional limited partners, the Fund received support from a highly diversified global investor base. Notably, 44% of the capital was sourced from the United States, 24% from Asia, and 23% from the Middle East, with the remainder coming from Canada and Europe.
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The Fund's investor participation reflects sustained confidence in BGO's Asia platform and increased interest in the region:
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One-third of commitments came from existing Asia fund investors who have previously invested in this strategy;
One-third from longstanding BGO clients expanding into the Asia value-add strategy; and
One-third from new investors entering a BGO vehicle for the first time.
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'We are honored by the trust of our long-standing partners and pleased to welcome new investors who share our vision for capturing value across Asia's most compelling urban markets,' said Marcus Merner, Managing Partner and Head of Asia, BGO. 'Our team, our consistent track record in Asia, our local expertise are important differentiators.'
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BGO's Asia team brings decades of continuity and cycle-tested experience. The leadership team—including Sonny Kalsi (co-CEO), Fred Schmidt (Chairman of Asia), Marcus Merner (Head of Asia), Dan Klebes (Head of Japan) and Jeannie Kim (Head of Korea) — brings an average of almost 30 years of investing experience in Asia.
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Importantly, BGO operates a fully vertically integrated platform in Japan, executing 100% of its investments in-house. The firm's regional team now includes more than 40 professionals based across Asia, fluent in both English and their local dialects, and embedded in the markets they serve.
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Since its founding in 2010, BGO's Asia series of strategies have invested approximately US$10 billion across 150 properties in 20 cities, consistently identifying and executing on high-conviction opportunities in Asia's most dynamic urban centers.
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About BGO
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BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $86 billion USD of assets under management (as of March 31, 2025) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
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BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
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The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
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